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CBN freezes bank accounts of firm, two Nigerians over crypto trading

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The Central Bank of Nigeria has ordered bank accounts of a company and two individuals be frozen for reportedly trading in cryptocurrency.

This is contained in a Post-No-Debit circular signed on November 3 by the Director of Banking Supervision, J. Y. Mammanand addressed to the banks.

It stated, “You are hereby directed to close accounts of the underlisted bank customers and place the funds in the accounts in suspense accounts for engaging in cryptocurrency trading in contravention of CBN Circular BSD/DIR/PUB/014/001 dated February 5, 2021.”

The Federal Government had banned trading of cryptocurrencies through Nigerian bank accounts claiming that it was being used for money laundering and other financial crimes.

The listed banned accounts belong to two individuals, Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor, and a company called TVS Hallmark Service Limited.

In February, the apex bank had ordered banks and other financial institutions to close all customer accounts used in trading cryptocurrencies and other related transactions.

A circular stated that the banks regulator ordered deposit money banks, non-bank financial institutions and other financial institutions to “identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

Although the apex bank at the time said it was working on reviewing the policy, no new guidelines authorising Nigerians to trade in cryptocurrency have been issued.

In June, it was reported that the Attorney-General Abubakar Malami still traded cryptocurrency on his mobile device despite the ban.

Malami had uploaded a screenshot  on Facebook to show that he had deactivated his Twitter account in line with Buhari regime’s controversial and illegal ban, however a crypto trading app’s icon was displayed.

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AutoTrends: Customs to reintroduce suspended e-valuation of vehicles Friday

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The Nigeria Customs Service (NCS) says it will reintroduce the suspended electronic valuation of vehicles on Friday.

The NCS said this in a letter dated May 17, 2022, and signed by Ajibola Odusany, NCS’ deputy controller, administration, on behalf of Yusuf Malanta, area controller in charge of the Apapa Command of the service.

Also known as vehicle inspection number (VIN), the policy has generated controversy since its introduction this year.

Clearing agents associations had protested against the e-valuation policy and grounded activities at the ports.

The freight forwarders said the e-valuation system sharply increased duty paid on imported vehicles.

This had forced the NCS to suspend the implementation of the VIN policy, following the intervention of the House of Representatives.

In bringing back the policy, the NCS said there would be a sensitisation programme for stakeholders in the clearance chain in preparation for the redeployment.

“In line with the planned nationwide deployment of the VIN Valuation on Friday, 20 May 2022, and the need to continually enhance the platform for optimal performance and service delivery, the sensitisation which is scheduled to take place on Thursday, May 19, 2022, at 11:00 am is to hold at the Apapa Command conference hall. The Deputy Controller Administration, A Y. Odusanya, on behalf of the Customs Area Controller requested that clearing agents should send their representatives to attend, saying the session would benefit everyone and further clarify any question,” the letter stated.

Acting President of Nigerian Licensed Customs Agents (ANLCA), Kayode Farinto, confirmed the development,

saying the association would speak after the training.

“We’re going for the training. So, we can’t say anything until we’re through with the training,” he said.

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AutoTrends: Stop driving your old crossovers, Mercedes warns, recalls ML, others

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Mercedes-Benz has asked owners of certain older crossovers to stop driving due a to corroded brake booster that could cause the brakes to fail.

The automaker said the request and corresponding recall applied to 292,287 ML-, GL-, and R-Class crossovers and SUVs from the 2006-2012 model years.

Recalls are common, but urging customers to stop driving is not,  according to thecarconnection.com.

In the affected vehicles, water exposure in the brake booster housing can cause a joint to corrode, leading to a leak in the brake system.

Brake force may also be reduced, forcing drivers to press harder on the brake pedal to decelerate and come to a stop. In rare cases, Mercedes said, it may be impossible to stop if there has been severe corrosion.

The risk of a crash or injury would increase, although Mercedes said it was aware of no known crashes or injuries related to the issue.

According to the premium brand automaker, the emergency brake pedal is not affected, and could be used in case of a regular brake pedal failure. Mercedes will provide complimentary towing of the affected vehicles to service centers.

Dealers are expected to inspect the brake booster housing and replace parts as required. If the part cannot be fixed immediately, Mercedes said it will help “coordinate an individual solution for the customer, including alternate mobility.”

 

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AutoTrends: Hyundai Sonata models face fuel leak risk

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A potential fuel hose leak in 2013 and 2014 models of Hyundai Sonata has again led to the immediate recall of the vehicles globally.

The NHTSA disclosed this, noting that the factory fault could increase the risk of a fire.

The 2013-2014 Sonata and 2013-2014 Kia Optima had previously been recalled for a fuel hose that can crack prematurely and leak fuel.

The tape and zip-tie remedy for those earlier recalls did not stick.

With the new recall, the fuel line will be replaced at no cost to owners, Hyundai states.

Without the proper fix, the leaking fuel could come in contact with a spark or ignition source that could cause a fire in the engine compartment, thecarconnection.com notes.

The recall encompasses 215,171 Sonatas. Owners may smell fuel on vehicles equipped with either the 2.0-litre turbo-4 or 2.4-litre inline-4 engines. Hyundai reported 138 incidents in the past two years of the defect, but the automaker said there were no known crashes, fires, or injuries.

Hybrid versions of both sedans from those model years were recalled for a separate fire risk.

Hyundai and sister brand Kia have issued a series of recalls for increased fire risk for a variety of reasons, ranging from a faulty electrical socket (2011-2012 vehicles) to a short circuit in the braking system (2006-2011 Elantras).

Owners will be notified by mail as early as July 5, and will be instructed to take their affected Sonata into a dealer to have the fuel feed line replaced at no charge, regardless of warranty status.

Hyundai owners who paid for fuel line repairs to address the leak will be reimbursed.

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